By: Mohamed Gamal
Dubai – Mubasher: The Dubai Securities Exchange (DFM) closed in the green on Sunday.
The main index added 0.03% or 1.07 points to stand at 3,483.32 points.
The traders' investment in leading and defensive stocks redirected the market in the last hour to the upward level, despite the caution that controlled some of the portfolios awaiting the US Federal Reserve's decision, technical analyst, Gamal Abdel Hamed, told Mubasher.
The telecommunication sector topped the best performers rising 0.46%, backed by Emirates Integrated Telecommunications (DU) which gained the same percentage.
The services sector also went up 0.42%, supported by Amanat Holdings which increased 0.9%.
The banks sector rose 0.27%, after Emirates NBD added 0.5%.
The insurance sector was up 0.2%, backed by Takaful Al Emarat which advanced 2.9%.
On the other hand, the transportation and investment sectors decreased 1.38% and 0.34%, respectively, weighted by the losses of Aramex and Dubai Investments by 2.04% and 0.9%, respectively.
The analyst expected that the index would continue to go up to the levels of 3,505 - 3,522 points.
AbdelHamid advised traders to increase their positions in defensive stocks, namely stocks in the transport and services sectors.
He noted that from a technical perspective, these stocks are likely to see strong gains ahead of the US Federal Reserve's decision on Wednesday.
Translated by: Sara Ghali
